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Grains open and stay higher

12/31/2010 @ 10:55am

At mid-session, after opening higher, the CME Group grain markets remain the same way Friday.

The March corn futures are 8 cents higher at $6.24. The March soybean contract is 19 cents higher at $13.95. The March wheat futures are 5 cents higher at $7.89 3/4. The March soybean meal futures are $5.10 higher per short ton at $374.20. The March soyoil futures are $0.47 higher at $57.77.

In the outside markets, the NYMEX crude oil is $0.65 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 8 points.

Jack Scoville, PRICE Futures Group vice-president, says the markets are well supported. "We sure are higher!  The US Dollar weakness is causing a lot of the buying seen in almost all markets today and in all of the grains and oilseeds.  

Also, the Argentine weather looks dry and hot for the next 10 days or more and this has added to buying in corn and soybeans, Scoville says.  

"I think mostly spec buying so far, and I am picking up a little selling on the rally from Brazil.  But it looks like we will finish the year on a very strong note and then will spend the weekend watching weather in South America as well as everywhere else.  Wheat just a follower today, I have seen nothing special there."


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